Global Issues Unit 2 Review

Adam Smith

Adam Smith

Father of modern economics. Major proponent of laissez-faire. Created idea of an invisible hand—tendency of markets to regulate themselves using competition, supply and demand, and self-interest.

Bolshevik

A far-left, revolutionary Marxist faction founded by Vladimir Lenin. Took power during the October Revolution in the Russian Republic in 1917.

Bourgeoisie

People who own the means of production, hence are the employers. The opposing counterpart of the proletariat. The notion of these individuals was largely a construct of Karl Marx.

Chairman Mao

Chinese communist revolutionary who was the founder of the People's Republic of China.

Che Guevara

Argentine Marxist revolutionary. Major figure of the Cuban Revolution. his stylized visage has become a ubiquitous countercultural symbol of rebellion and global insignia in popular culture.

Communism

A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned

Communist Manifesto

Summarizes Marx and Engels' theories concerning the nature of society. It also briefly features their ideas for how the capitalist society of the time would eventually be replaced by socialism.

Dialectical Materialism

Marxist theory that political and historical events result from the conflict of social forces. Interpretable as a series of contradictions and their solutions. The conflict is to be caused by material needs.

Disaster Capitalism

the practice of taking financial advantage of natural or man-made disasters, wars or economic events

Economic Determinism

every industrial society possesses a foundation and superstructure. Every nation will go through stages of development, each nation will move at a different rate, steps cannot be skipped

Fredrich Engels

German industrialist in England. Helped develop Marxism, and co-authored The Communist Manifesto

Industrial Revolution

Mechanization of production resulted in a shift from home-based hand manufacturing to large-scale factory production.

Karl Marx

Co-authored The Communist Manifesto. By 23 he had received a Ph.D. Invented an ideology he named after himself

Laissez Faire

An economic philosophy of free-market capitalism that opposes government intervention. Dubbed the “invisible hand”.

Lenin

Bolshevik. Helped formed and was the first head of government for Soviet Russia. Has an ideology named after him.

Mass Production

the manufacturing of large quantities of standardized products, often using assembly lines or automation technology.

Central planned Economy (Command Economy)

an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Princelings

the descendants of prominent and influential senior communist officials in the People's Republic of China.

Profit Motive

the reason why most businesses exist -- to make a profit

Proletariat

the lowest or one of the lowest economic and social classes in a society. Their only possession of significant value is their labour power

Utopian Socialists

The first response to the evils of the Industrial Revolution.

Wage Slaves

a person dependent on wages or a salary for a livelihood

Xi Jinping

Labelled as a Princeling. Currently leader of the PRC.

Capitalism needed its evil parts removed

What did Utopian Socialist think about capitalism?

free market, supply and demand, competition, private ownership

What are the central features of Capitalism

Difference between a communist state and a socialist one

under communism, most property and economic resources are owned and controlled by the state; under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.

Religion was the opium of the people and it lulls people into a false sense of security

What was Marx accusation of religion? What does it mean?

Occupational hazards, over-crowdedness, punishment for bad work

What conditions are often associate with early industrial society

Commercial Capitalism and Mercantilism

What is the First period of capitalism

Industrial Capitalism

What is the second period of capitalism

Monopoly capitalism

What is the third period of capitalism

Defensive Monopoly Capitalism

What is the fourth period of capitalism

Capitalism

An economic and political system in which a country’s trade and industry are controlled by private owners for profit.

Wobbly art

____________ was working-class propaganda, which purpose was to educate and strengthen the worker's understanding of discourses

Marxism

Political & Economic theories of Karl Marx & Friedrich Engels. Centers upon a materialist interpretation of history, a dialectical view of social change, and an analysis and critique of the development of capitalism

Historical Materialism

looks for the causes of developments and changes in human society in the means by which humans collectively produce the necessities of life

Dialectic

Is a method of argument for resolving disagreement